The Basics Of No Medical Exam Life Insurance

Understanding the basics of life insurance without medical exams is important for all people as they may be better off with this type of policy. No medical exam coverage can be a very easy option for a lot of people as they do not have to go through the lengthy process of applying when applying for insurance.

It is important to understand the differences between normal life insurance and no medical exam life insurance. Here are some basics for anyone who is not quite sure of all of the differences.

  • With a normal life insurance policy the applicant would have to go through a long and lengthy process before getting accepted. This will include taking blood tests and having a full medical examination.
  • The process of acceptance with a normal life insurance policy can take up to 3 to 6 weeks depending on the company and individual.
  • Not everyone gets accepted on these policies and some do end up being refused coverage.
  • The level of coverage is a lot higher than no medical exam policies and also the pay-outs can be up to 5 times more. Plus they can cover things like mortgage payments and any other liabilities that a person may leave behind in their untimely death.

No medical exam life insurance coverage is completely different to conventional insurance. The whole point of this policy being designed is to make the process a lot quicker and easier for everyone. Not all people need a million-dollar pay out and settle for couple of hundred thousand dollars instead.

Because the medical examination has been taken out of the application process it means that some companies are offering coverage within a couple of hours and a fully back the policy within at least a few days.

It should be noted that the premiums are a lot more expensive because of the risk that the insurance company is taking. Also they may want cheap to pay out for a certain period of time before the insured is able to make a claim on their policy.

Posted by on Apr 9, 2012 in Blog | 0 comments